Every kind of health insurance plan has its pros and cons, and we want to look at one in particular that we think can really help a lot of seniors. What are the advantages and disadvantages of Medicare Advantage plans for 2020? Read on to find out.

What’s a Medicare Advantage Plan?

Advantage plans are also known by the name Medicare Part C, which means that they can work in conjunction with the other parts of Medicare- A, B and D. Advantage plans will include Part A and Part B coverage as their standard policy coverage, and they sometimes include Part D drug plans as well.

Advantage plans are available to all seniors who have a Medicare plan and who live in the coverage area for the insurer they apply with. These plans will replace your existing Medicare plan and provide additional coverage that is powerful enough to take care of many common, necessary expenses and to minimize out-of-pocket costs for you.

The Advantages of Part C

There are some great aspects about Medicare Advantage that we want to share with you. The biggest benefit to signing up for one of these plans is that they are high coverage plans. They can cover so much for you that you have very little left to pay on your own. This is great for people who have a lot of medical care needs and who frequent the hospital or the doctor’s office.

Advantage plans also often have very affordable rates. The monthly premiums can be high, but many times you can find them for as low as $0 per month. That’s a free plan that covers you all year long, but you will still have to pay the deductible before you get any coverage from your plan.

You can use our site to see how much Medicare Advantage plans cost and to compare the prices among multiple plans. This way, you can see the price on several different plans at once and find the cheapest one or the one that fits you the best and get a good deal without fear of overpaying for your coverage.

Advantage plans are also a very diverse set of plans. They have guaranteed coverage, but you can find ones that will cover all sorts of other medical expenses for you. You are guaranteed coverage for emergency care, urgently needed medical service, Medicare Part A and Medicare Part B. You could also get coverage from your Advantage plan for prescription drugs and for routine checkups.

Insurance companies sell their own lineups of these plans, which means that they offer a few different kinds of Advantage plans. You can choose the one that best fits you, and there is a wide selection of these, so most people can find one that works well with their current situation. If you wondering what are the advantages and disadvantages of Medicare Advantage plans for 2020, then you’ve already had half your question answered.

The Disadvantages of Part C

Let’s look now at the downsides to signing up for a Medicare Advantage plan. There are some drawbacks that you should be aware of, such as the limited coverage area. With most kinds of Medicare plans, you can be covered anywhere Medicare is accepted, which is at most medical facilities around the country. Medicare advantage plans are a bit more limited. They will only cover you fully on your insurer’s network. That network extends to every medical facility (clinic, rehab center, hospital, etc.) that has agreed to honor your insurer’s plans. Going outside of that network means that you are not going to get full coverage the only way to even get partial coverage outside of the network is to sign up for a more expensive PPO Advantage plan.

You should also be aware that the deductibles on Advantage plans can be quite high. Those $0 monthly premiums we told you about that some Advantage plans offer come coupled with very high deductibles that you have to pay before you can even start to receive coverage from your Advantage plan. The lower your monthly premium is, the higher your deductible tends to be.

Advantage plans also conflict with some other kinds of healthcare plans. They will not work with Medicare Supplements (Medigap), for example. The two kinds of plans overlap, and that means that there will be a conflict with the coverage since you are not allowed to pay for the same coverage twice. Advantage plans also don’t work with most union healthcare plans or health insurance plans from your employer. Keep this in mind if you are preparing to sign up for a Medicare Advantage plan and already have a healthcare plan active. You may need to cancel your current plan to permit the Advantage plan to cover you properly and without any hindrance.

Another disadvantage of Medicare Part C is that you only have a limited enrollment period. This is known as Open Enrollment, and it only comes around once per year. It will start in October and run until December, and you have that limited period in which to apply for the plan you want. If you miss that chance, then you will have to wait until the next year’s enrollment window to sign up.

Despite the drawbacks, we do think that Medicare Advantage is worth a look for most seniors. That’s especially true if you struggle to pay your medical expenses each year. You could benefit from a powerful coverage plan like this that keeps your out-of-pocket costs low and replaces multiple plans with one, more powerful plan.

So now that you know what are the advantages and disadvantages of Medicare Advantage plans for 2020, you can make a more informed decision. If you have any questions or need some help, please let us know. We would be happy to assist you in choosing the right plan, explaining your eligibility to you and helping you find what works best for you.